Holding onto the momentum it developed following its recent recovery, Ethereum has been bouncing around its major moving averages for weeks. ETH is clinging to the upper end of a narrow consolidation channel while simultaneously testing its 200 EMA. Although the asset has been displaying short-term indications of mild bullishness, volume is declining, and the overall situation with Ethereum is quite dire. However, there is a new development: a filing by SharpLink Gaming with the SEC. According to the filing, the $18 million market-cap company SharpLink Gaming intends to purchase $1 billion worth of Ethereum for its treasury. That is an incredible amount, particularly for a business that hardly makes the market. On the entire cryptocurrency market, this $1 billion acquisition would rank among the most aggressive corporate treasury actions if it were to go through. But the worst part is that ETH trades for tens of billions of dollars every day. In the overall context of daily flows, a $1 billion purchase would hardly be noticeable; it would only account for 0.3% of the daily volume. It is more crucial to approach these headlines with a moderate amount of skepticism. The entire market capitalization and treasury of SharpLink would not be sufficient to fund such a massive acquisition without a financial gimmick or outside funding infusion. Either a financial theater stunt or a crazy diamond hands play is going on. In either case, traders should confirm filings and intentions before falling for headlines driven by FOMO. Regarding Ethereum, the two most important levels to keep an eye on are the 200 EMA and the lower edge of its consolidation channel. A test of the 50 EMA near $2,200 is probably in store if the price is unable to stay above this zone. This could shatter the bullish narrative and send ETH back into a bearish decline. On the other hand, a significant move above the upper boundary of the consolidation channel around $2,900 might spark a mini-rally once more.